TLDR
- Tether posted $1.5 billion in net operating profit for the third quarter of 2026.
- Its excess reserves rose to $7.95 billion, up from $4.1 billion at the end of June.
- The company holds $132.4 billion in US Treasury bills, close to South Korea’s holdings.
- Tether’s Bitcoin reserves were valued at $8.37 billion, up from about $5.8 billion in June.
- USDT holds about 60% of the $297.3 billion stablecoin market, and its user base passed 700 million.
Tether reported $1.5 billion in net operating profit for the third quarter of 2026. The figure came from an attestation prepared by BDO, a top-five global accounting firm.
Tether Generates $1.5 Billion in Q3 Net Operating Profit as Reserve Buffer Doubles to Almost $8 Billion
Learn more: https://t.co/VKJmdLSrDn— Tether (@tether) October 30, 2026
The report covers the company’s finances and reserves as of September 30, 2026. It also details the assets that back the USDT stablecoin.
Tether generated $4.5 billion in net operating profit over the first nine months of the year. The Q3 result was in line with the previous quarter.
Most of that income came from US Treasury bills and reverse repurchase agreements, according to the company.
Excess Reserves Climb to Nearly $8 Billion
At the end of September, Tether held $191.5 billion in assets against $183.5 billion in liabilities. That left a surplus of $7.95 billion.
The surplus is nearly double the $4.1 billion reported at the end of June. This is an increase of $3.8 billion in one quarter.
Almost all liabilities, about $183.47 billion, relate to digital tokens issued. USDT issuance stayed broadly steady at $184 billion across the first three quarters of 2026, despite market volatility.
Tether said most of its reserves sit in liquid, short-duration instruments. The company said this helps it meet redemptions in different market conditions.
Treasury and Bitcoin Holdings
Tether’s direct and indirect holdings of US Treasury bills total $132.4 billion. That is close to South Korea’s $134.2 billion in US government debt.
It also exceeds the United Arab Emirates’ $116.1 billion. Those country figures come from August data from the US Treasury Department.
The company’s Bitcoin reserves were valued at $8.37 billion at the end of September. At the end of June, they were worth about $5.8 billion.
Market Position and Transparency
USDT remains the world’s largest stablecoin. It accounts for around 60% of the $297.3 billion stablecoin market, according to DefiLlama data.
On Friday, CEO Paolo Ardoino said on X that USDT’s user base has passed 700 million. He said adoption is concentrated in emerging markets.
Tether has faced years of scrutiny over how open it is about its reserves. In August, it announced it had completed its first full independent audit by KPMG US. The audited statements were not made public.
Ardoino said in the company’s release that the profit and excess reserves give Tether a strong base to meet redemptions. The report was published on October 30, 2026.
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